Feb. 13 (UPI) -- Barclays announced Thursday that CEO Jes Staley is being investigated by British financial authorities over ties to financier and accused U.S. sex trafficker Jeffrey Epstein.
The bank said Staley is under scrutiny by the Financial Conduct Authority and the Bank of England's Prudential Regulation Authority for the ties. Epstein died in federal prison last year after he was arrested on sex trafficking charges. His death was ruled a suicide last October.
"Earlier in his career Mr. Staley developed a professional relationship with Mr. Epstein," Barclays said in a statement. "In the summer of 2019, in light of the renewed media interest in the relationship, Mr. Staley volunteered and gave to certain executives, and the chairman, an explanation of his relationship with Mr. Epstein.
"Staley also confirmed to the board that he has had no contact whatsoever with Mr. Epstein at any time since taking up his role as Barclays Group CEO in December 2015."
Barclays said it believes Staley has been "sufficiently transparent" about his relationship.
"Accordingly, Mr. Staley retains the full confidence of the board, and is being unanimously recommended for re-election at the annual general meeting," Barclays added.
Barclays paid Staley $7.6 million last year, up from his $4.36 million salary in 2018.